'Our role is integral to football's future' - football oversight chief David Kogan
The Championship club's current difficulties represent a a "serious issue" and the independent regulator is aiming to acquire authority to investigate clubs in such situations, the recently named head David Kogan has announced.
In a wide-ranging interview, the chairman, who was recently selected, expressed "sympathy" towards Wednesday's fanbase.
Kogan met with four supporter groups associated with the South Yorkshire club this week.
The team have been struggling on and off the field in this season, with the club failing to pay players on time on multiple instances, including in the autumn.
"Evidently Wednesday represents a significant problem for EFL and a substantial concern for English football," Kogan told.
"The club represents one of the historic institutions for football in England and recently we have met fan representatives.
"We are seeking authority... which will permit us to bring Sheffield Wednesday - and other clubs referred to us if they require examination and acted upon."
Financial Struggles and Ownership Situation
Wednesday's embattled owner the current owner suggested earlier this year he would be willing to sell up at their home ground, but he has not been able to secure a deal with potential new owners.
Delayed salary payments on time in earlier this year led to sanctions by the football authorities in June, preventing the club from carrying out any transfers or loans for the following recruitment periods, although the ban was rescinded in August.
Authority's Position
The regulator explained: "The job [of the regulator] is there for the supporters of Wednesday, other clubs in similar situations where fans are dedicated to a community organization that has existed throughout their lifetimes in numerous instances.
"I completely understand the club's situation, as I do for every team that over recent decades have faced collapse, or approached financial ruin, for factors unrelated to the supporters."
Inquired if the oversight body could require an proprietor to divest a club if they are considered unfit, the regulator answered: "Should the inquiry concern 'would we intervene in the final instance?', the answer is once we assemble the facts and know what's going on, we will."
But the chairman emphasized that requiring chairmen to relinquish clubs would be considered the final option and the authority would rather to work with them.
"The last thing what we want to do is begin intervening in an individual club, an individual owner, without being able to work with that chairman to fix the problems affecting the organization and the owner's facing," the regulator explained.
"However, realistically, when you look back over the history of football, over the recent generations there have been certain proprietors, not many, but certain individuals who have acted carelessly in the manner they have operated their clubs and ultimately don't wish to take responsibility for the long-term prospects."
Sheffield Wednesday supporters have been demonstrating against the current proprietor in recent months
'Mistakes could erase significant advances'
Kogan met with delegates from multiple organizations to detail the scope of the oversight body this week and stated it constituted a "progressive gathering" with a "substantial involvement" from the grassroots to elite level.
"It's a job that's actually really important, because if we get it wrong, if the football community fails, the extraordinary progress that's been made necessary will vanish incredibly quickly," the chairman stated.
"This represents everyone's worst fear in the context of the English game is a huge success story - we've got to keep it going.
"Substantial financial resources flowing into the game and has come into football for the past two decades, because certainty is lacking it will keep flowing into the sport, which is one of the reasons why I think we have to take a really clear view on risk and of course, of the immediate future."
Elite Division Worries
The Premier League opposed the creation of a regulator because of fears of a negative impact on the elite division's competitive balance, but the regulator stated: "I completely endorse the prosperity and expansion as an commercial operation of the Premier League.
"As someone who appreciates the apprehension regarding damaging the top flight as an elite competition of England. But concurrently, if you talk to the Premier League after this week's discussion, they would have had a high level of reassurance -and, in fact, they have been telling us in private they have a considerable comfort."
Political Connections
The chairman continues to confront a "comprehensive investigation" by the Commissioner for Public Appointments after he disclosed making donations to the opposition group in recent years.
The 68-year-old donated money to Secretary of State for Culture, Media and Sport the politician's campaign, along with that of the current Prime Minister.
"I have fully disclosed my past party membership [with Labour], and that political affiliation came to an end the day the official body endorsed my nomination," the regulator explained.
"I am no longer involved in any form of political activity."
